Solar energy isn’t just a dream anymore. It has made serious leaps and bounds since photovoltaic cells first made their way onto the roofs of homeowners and has become a viable and increasingly popular way for homeowners to provide for their energy needs. With net metering programs that pay homeowners for any excess energy created using their solar panels and an installation process that has become cheaper and cheaper, solar panels have only become even more desirable.
Now, a new study from The Appraisal Journal shows that solar panels actually increase the value of a home. The study looked at homes across six states and determined the average premium for the study area was $14,329, or 3.74 percent of the average sale price, which equals about $3.78 per watt for the average solar panel system.
This comes as good news to the thousands of people who were able to get solar power systems installed in their homes thanks to an investment program from SolarCity and Bank of America Merrill Lynch that helped finance around $400 million in solar power projects in 2014 and 2015.
However, just because it appears as though solar panels raise the value of a home, that doesn’t mean they are becoming more inviting everywhere. As HousingWire reports, some states, such as Nevada, have voted to change the rates for customers with solar panels. Since their use of solar panels is lowering their bills, regulators don’t believe they are paying enough for the electrical grid’s operating costs.
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